Local gold price climbs up as global market sees rise

DSC 6104 PhotoPhoe Khwar 2 copy
Gold necklaces displaying at a gold and jewellery shop in Yangon. Photo: Phoe Khwar

As the global gold price surged to US$1,306 per ounce on 31 May, domestic gold price reached a high of K1,056,000 per tical (0.578 ounce) in the afternoon of 1 June, according to local gold market.
A week ago, global gold price cooled off a bit, and so local gold price tended to pull back and fetched around K1,044,500 per tical.
Domestic gold price is positively related to global gold price. With the global gold price increasing, local gold price hit the new peaks in 2019, with K1,050,000 per tical from 17 to 29 January; above K1,060,000 from 30, January to 7, February; above K1,070,000 from 8 to 18 February; and above K1,080,000 from 19 to 21 February respectively. Then, it gradually declined in the third week of May and now it rose up to K1,056,000.
In the past months, local gold price reached the minimum price of K1,043,4000 on 1 January and maximum price of K1,061,000 on 31 January. It hit the lowest of K1,058,400 on 2 February and the highest of K1,087,300 on 20 February. In March, the lowest of K1,048,600 on 30 March and the highest of K1,069,000 on 21 March were registered. In the last month, the gold price got the lowest of K1,037,200 on 24 April and the highest of K1,054,700 on 11 April, according to gold traders. —GNLM
(Translated by Ei Myat Mon)

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